M&T Realty Capital Corporation®
has closed a $6,572,800 FHA-insured loan for the construction of a 45-unit affordable housing property located in East Hartford, CT. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program.
The 40-year loan term and amortization has a rate of 2.94% is in conjunction with tax exempt bonds and 4% Low Income Housing Tax Credits issued by Connecticut Housing Finance Authority (“CHFA”).
The transaction was led by Group Vice President Robert N. Kaplan of M&T Realty Capital Corporation’s Baltimore office, in collaboration with M&T Bank Commercial Senior Relationship Manager David DeVito.
HUD’s Section 221(d)(4) program insures mortgage loans to facilitate the new construction or substantial rehabilitation of multi-family rental or cooperative housing. The 221(d)(4) program is authorized by the National Housing Act (12 U.S.C. 17151(d)(4)).
As one of the nation’s leading firms providing FHA-insured mortgages, M&T Realty Capital Corporation provides financing under a variety of HUD’s programs
. These include financing for the construction or substantial renovation of rental housing (pursuant to Section 221(d)(4)); the purchase or refinancing of existing multifamily housing projects (pursuant to Section 223(f)); skilled nursing or assisted living facilities (pursuant to Section 232/223(f)); hospitals (pursuant to Section 242) and secondary debt (pursuant to Section 241). For specific loan information on these programs, please call Jim Schneider 206-816-9797 or request a loan quote
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.